NF printed 3IB down move with stretched inventory on Thursday and expectation was likely to have some cool off immediately.Rotation factor -13 with elongated profile structure also suggested same.NF confirmed this bias right at open with OAIR move and gone for all day balance.Not accepting below 11680 or above 11810 was expected to have balanced profile and NF has gone for this auction.
NF has printed buying tail from PDL and had upper skew balanced profile with dPOC close.And closed partly extension singles from prev trend down day..So, its advantage buyers now and they should seek for follow through further.They could fail below 11750 for another overlap balanced day or continuation of downmove of Thursday.
With balanced profile, focus for next session is balance rules. Stay away from balance = trend ; accept back in balance = probe entire balance.
We had quick imbalance to imbalance in large time frame as well as in smaller time frame recently. Hence,odds are higher for balance to happen for few sessions as long as we hold above 11700.To avoid any imbalance down, first confirmation is to accept 11850 then solid confirmation is with scale of 11930.If this auction happens then this view of balance ahead is on.
Price wise for next session, holding above 11750 looking for scale of PDH to get 11830-11850 zone.Further bullish above 11870 towards 11930/12000.
Failing to sustain above 11800 and acceptance below 11760 is weak for 11730/11700 and quite weak below 11700 for 11650/11610-11590.
Charts and data :
Daily charts
Weekly charts
Monthly charts
Data
View about larger picture based on weekly,monthly profile structure and detailed plan with refs to carry forward, trade hypos and nuances from the day are available to members.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
Comments